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She recommended looking for an account withminimal or no risk, low fees, and no surrender fees.
Instead, buy a series of short-term CDs and a cash reserve.
you could also choose a high-interest savings account.
Those with a workplace 401(k) plan can delay taking RMDs until the year they retire.
You also need to consider potential tax implications of your investments.
That income could possibly push you up into thenext tax bracket.
Then, you could pass other post-tax funds to your spouse or children when you pass away.
Its never too early to start saving for your potential senior care costs.
Simasko highlighted the importance of investing appropriately based on your age and phase of life.
Someone in their 30s should be investing much more aggressively than someone in their 60s, she said.
verify that the clause doesnt state that you have to be in a nursing home to withdraw the funds.
Take some time to ensure that youre makingsmart financial decisionsand planning well for your future and care.
Speak with an elder law attorney to have the right documents in place, Simasko said.
There is a misconception that you have to go broke paying for the nursing home care, Simasko said.
Meet with an elder law attorney to verify this benefit can be an option if you neednursing home care.
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